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Wipro Announces Financial Results of FY21

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Wipro announces that the company has clocked its best quarterly results in a decade in Q4 FY21 under International Financial Reporting Standards (IFRS), with profit and revenue rising 27 percent and 3.4 percent, respectively, thanks to the successful deal wins.

The report indicated that its Gross Revenue had increased to 3.4 percent YoY, its net income increased to 27.8 percent and its YoY earnings per share is said to have increased to 31.8 percent YoY.

It outlaid the company’s financial results for the year end as of March 31, 2021, where the company witnessed an increase in its Gross revenue by 1.5 percent YoY, its net income at 11.0 YoY and increase in its earnings per share by 14.6 percent YoY. It also pointed out a decrease in its IT services segment revenue by 1.4 percent.

In addition, the company expected a sequential growth of 2.0 percent to 4.0 percent, concerning the revenue of its IT services business, excluding the revenue of its recent Capco and Ampion acquisition.

Excluding the buyback tax, the company marked an end to its buyback of 237.5 million equity shares which was approved by the Board of Directors last year, to an aggregate amount of $ 1.3 billion. Further, it proclaimed that this year the board of directors declared one rupee to be considered as the final interim dividend for the financial year 2020-2021.

Considering digital services, the company has stated that it has witnessed an increasing traction in digital and other strategic oriented deals.

Thierry Delaporte, CEO and Managing Director, Wipro said, "I am delighted with the way we have finished the financial year. We delivered a third consistent quarter of strong revenue growth, deal wins and operating margins. We also announced our largest ever acquisition of Capco that will bolster our global financial services sector. We are excited with this wave of business momentum that we are witnessing. All key markets are now growing on YoY basis and this provides us a solid foundation to build on next year's growth rates".

Wipro has earned a multi-million dollar integrated commitment to transform, modernize and transform its market operations from a major U.S. industrial manufacturing company through change in applications, infrastructure, cybersecurity and service delivery.

It has secured a multi-year strategic contract for its data centre and network and tools landscape from a US-based digital transformations and consulting firm. It is said to use its AI OpS tool stack to automatically minimize the time of return for applications and accidents, increase operating performance and provide its final customer, a leading federal agency headquartered in the United States, with a superior user experience.

Thierry Delaporte, CEO and Managing Director, Wipro said, "I am delighted with the way we have finished the financial year. We delivered a third consistent quarter of strong revenue growth, deal wins and operating margins. We also announced our largest ever acquisition of Capco that will bolster our global financial services sector. We are excited with this wave of business momentum that we are witnessing. All key markets are now growing on YoY basis and this provides us a solid foundation to build on next year's growth rates".

"We delivered a 340 bps expansion YoY in operating margins for the quarter after absorbing the impact of wage hike. On a full year basis we increased margins by 220 bps with a consistent improvement in operating metrics. Led By disciplined execution; we generated strong operating cash flows at 136.7% of our net income for the full year. We successfully completed the share buyback program returning $1.3Bn to our shareholders", said Jatin Dalal, Chief Financial Officer, Wipro.

Analysts have recognized the company stands leading in Gartner Magic Quadrant for Managed Workplace Services in North America and Europe, including a leading position in the Gartner Magic Quadrant for Customer Service BPO. Also, they have recognized that the company has ranked top service providers in respect to customer satisfaction in the Netherlands and Nordics region. Lastly the company has been recognized a leader in the Everest Group’s various sectors and in ISG Provider Lens for its sales force ecosystem partners and next-gen application development and Maintenance Services last year.

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